Thursday, July 7, 2022
News Volkswagen Could Overtake Tesla in Global EV Sales as Soon as 2024,...

Volkswagen Could Overtake Tesla in Global EV Sales as Soon as 2024, Report Says

Volkswagen could become the new leader of the EV market in less than two years.

  • Bloomberg intelligence claims Tesla will remain the leader for 18 more months

  • Volkswagen already sells more EVs in Europe than Tesla, but its US sales are lagging behind

  • The report places Chinese automaker BYD in third place and Ford in fourth

Bloomberg Intelligence just published a report on the subject of electric vehicles and its findings show that Tesla’s supremacy might be closer to its end than was expected.

Indeed, the report says that the Volkswagen Group (including Audi, Seat, Skoda, Bentley, Porsche, and Lamborghini) will be able to sell more EVs around the world than Tesla in just 18 months.

Tesla would still be in a comfortable second place, with close to one million more units sold than the third-place contestant, but this would be the first time the American company is not the number one manufacturer of EVs.

These predictions are based on the current sales figures from each company, as well as the current trends and the expected product launches, so any major change in the industry or the economy could lead to very different outcomes than those highlighted here.

Nevertheless, Volkswagen is already selling more electric vehicles in Europe than Tesla, with 310,000 units delivered in 2021 compared to 170,000 for Tesla. If the German company can increase it presence in North America over the next year and a half, this prediction will turn out to be true.

The third most popular EV maker in 2024 is expected to be BYD, the current most popular brand for electric vehicles in China. Ford will likely occupy fourth place due to the popularity of the F-150 Lightning, face to face with General Motors, which will have introduced a number of new EVs by then, many of which are supposed to be affordable.

This rivalry will be short-lived however since the report foresees Ford pulling away in 2025 with Chinese Changan bridging the gap between the two American companies.

Stellantis will occupy the seventh place mostly due to its European sales since it will only have one or two electric models to offer in North America by then, with a few more arriving after 2025.

Following very closely will be Geely, helped by its subsidiaries, Volvo and Polestar, and then Mercedes-Benz, which is about to launch a number of luxury vehicles powered by batteries.

Rounding out the top ten is supposed to be Toyota, quite a bit behind Mercedes. This is to be expected since the company has just released its first global electric vehicle and it has not confirmed the next one yet.

The report also expects the combined market share of EVs will reach 15% of all of the vehicles sold worldwide in 2025, compared to only 6% last year.

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